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Is There Empirical Support for the 'Modern' View of Macroeconomics?

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  • Ray C. Fair

    ()
    (Cowles Foundation)

Abstract

This paper argues that the basic model of the 'modern' view of macroeconomics appears to be a poor approximation of the actual economy.

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Bibliographic Info

Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm201.

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Date of creation: 20 Jun 2001
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Handle: RePEc:ysm:somwrk:ysm201

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Web page: http://icf.som.yale.edu/
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Cited by:
  1. Andrea Colciago & Tiziano Ropele & V. Anton Muscatelli & Patrizio Tirelli, 2008. "The Role of Fiscal Policy in a Monetary Union: are National Automatic Stabilizers Effective?," Review of International Economics, Wiley Blackwell, vol. 16(3), pages 591-610, 08.
  2. Campbell Leith & Jim Malley, 2002. "Estimated General Equilibrium Models for the Evaluation of Monetary Policy in the US and Europe," CESifo Working Paper Series 699, CESifo Group Munich.
  3. W A Razzak, 2002. "Monetary policy and forecasting inflation with and without the output gap," Reserve Bank of New Zealand Discussion Paper Series DP2002/03, Reserve Bank of New Zealand.

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